Scot Brothers reports the following transactions for June, 2020: June 1 Purchased a two-year insurance policy for cash, $1800. 9 Performed a service on credit, $800. 16 Paid wages to employees, $950. 18 Completed a job for a customer and collected $600 cash. 23 Collected $500 of an amount owing from May. 30 Accrued wages of $650. Show the amount of revenue and expense recognised for each transaction for the month of June 2020 under both the cash basis and the accrual basis of accounting by completing the following table. Enter amounts without punctuation and symbols. If there is no impact enter 0.
Scot Brothers reports the following transactions for June, 2020: June 1 Purchased a two-year insurance policy for cash, $1800. 9 Performed a service on credit, $800. 16 Paid wages to employees, $950. 18 Completed a job for a customer and collected $600 cash. 23 Collected $500 of an amount owing from May. 30 Accrued wages of $650. Show the amount of revenue and expense recognised for each transaction for the month of June 2020 under both the cash basis and the accrual basis of accounting by completing the following table. Enter amounts without punctuation and symbols. If there is no impact enter 0.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Scot Brothers reports the following transactions for June, 2020:
June 1 Purchased a two-year insurance policy for cash, $1800.
9 Performed a service on credit, $800.
16 Paid wages to employees, $950.
18 Completed a job for a customer and collected $600 cash.
23 Collected $500 of an amount owing from May.
30 Accrued wages of $650.
Show the amount of revenue and expense recognised for each transaction for the month of June 2020 under both the cash basis and the accrual basis of accounting by completing the following table.
Enter amounts without punctuation and symbols. If there is no impact enter 0.
Cash Basis
| Date | Revenue | Expense |
| 01/06/20 | Answer | Answer |
| 09/06/20 | Answer | Answer |
| 16/06/20 | Answer | Answer |
| 18/06/20 | Answer | Answer |
| 23/06/20 | Answer | Answer |
| 30/06/20 | Answer | Answer |
Accrual Basis
| Date | Revenue | Expense |
| 01/06/20 | Answer | Answer |
| 09/06/20 | Answer | Answer |
| 16/06/20 | Answer | Answer |
| 18/06/20 | Answer | Answer |
| 23/06/20 | Answer | Answer |
| 30/06/20 | Answer | Answer |
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